Venture Capital Shuffle: Bessemer Cuts Stake in Medi Assist

Bessemer Venture Partners sold 13.5% of its stake in Medi Assist Healthcare Services for Rs 580 crore via open market transactions. Major investors like Goldman Sachs, Morgan Stanley, and Societe Generale acquired shares, resulting in a lowered Bessemer stake from 29.22% to 15.72%.

California-based Bessemer Venture Partners on Tuesday reduced its stake in Medi Assist Healthcare Services by 13.5% for Rs 580 crore through open market transactions. Prominent investors, including Goldman Sachs, Morgan Stanley, and Societe Generale, acquired shares.

According to data from the National Stock Exchange (NSE), Bessemer Venture Partners, via its Bessemer India Capital Holdings II arm, offloaded 94,90,258 shares, equating to a 13.5% stake. The shares were sold at an average price of Rs 611.70 apiece, totaling Rs 580.52 crore.

Following the deal, Bessemer's stake in Medi Assist dropped to 15.72% from an earlier 29.22%. Moreover, Novo Holdings A/S also sold 5 lakh shares at the same price. Other buyers included Invesco Mutual Fund, ICICI Prudential MF, and HDFC MF among others. Shares of Medi Assist closed 1% down at Rs 611.70 apiece on the NSE.

(With inputs from agencies.)